EUR/USD struggles to hold the key support of 1.1100 in Tuesday’s European session after a sharp decline move on Monday.
EUR/USD seems vulnerable near 1.1100 on downbeat flash Eurozone PMI data for September. Market participants expect the Fed to cut interest rates further by 50 bps in November. Investors shift their focus to the US PCE inflation data for August. The major currency pair remains under pressure as Monday’s flash HCOB Purchasing Managers Index data for September has stoked market expectations for the European Central Bank to opt for a second straight interest rate cut in the October meeting.
The outlook of the major currency pair would remain firm till it holds the breakout of the Rising Channel chart pattern formed on a daily time frame near the psychological level of 1.1000. The 14-day Relative Strength Index moves lower to 55, suggesting momentum is weakening. Looking up, the round-level resistance of 1.1200 will act as a major barricade for the Euro bulls. A decisive break above the same would drive the pair toward the July 2023 high of 1.1276.
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